COMPARATIVE TERMINOLOGICAL CHARACTERISTICS OF INNOVATION AND DIVERSIFICATION PROCESSES FOR SUSTAINABLE DEVELOPMENT GOALS

The article provides a comparative description of methodological approaches to determining the essence and content of the economic categories “diversification” and “innovation” for the purposes of sustainable development. Based on the analysis of the proposed opinions of the authors on the concept of “diversification,” three main methodological approaches are identified, based on the creation of new types of economic
activity, reducing average commercial risks and achieving a synergistic effect. The study showed that the classification of determining the essence of innovation consists of four groups: creating new types of economic activities, reorganizing management, ensuring economic efficiency and finding new scientific solutions. The characteristic features of types of diversification and their comparative correspondence with the approaches proposed by the authors for defining innovation are revealed. The most promising direction for increasing sustainable economic development is diversification based on innovative changes. This combination leads to the redistribution of capital from activities with lower competitive advantages to more promising types of production activities. Horizontal and concentric types of diversification also correspond to the innovative approach to creating new types of economic activity. Horizontal and concentric types of diversification also correspond to the innovative approach to creating new types of economic activity. The result of this type of combination of diversified and innovative processes is the creation of new and modified products for the existing customer base, as well as the acquisition of new competitive advantages for the
production of modernized products through the introduction of global, qualitative technical changes.

diversification, innovation, sustainable development, terminological characteristics, economic activities, concentric, horizontal, conglomerate and vertical approach, risk reduction

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